Oil prices are continuing to rise driven by the prospect of a shortfall in global supply once US sanctions against major crude exporter Iran come into force in just five weeks’ time.
The international benchmark Brent crude oil was up 1.1 per cent today to $82.28 a barrel.
Earlier this week, US President Donald Trump demanded that OPEC raise production to prevent further price rises ahead of key congressional elections in early November.
Analysts say the Organization of the Petroleum Exporting Countries (OPEC) and partner Russia appear unlikely at this point to respond immediately to Trump’s demands.
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